CITIC SEC: HarmonyOS Intelligent Mobility ecosystem adjustment, ecosystem resource allocation significantly increased

CITIC SEC released a research report stating that recently, AITO officially switched to a model led by Chongqing Sokon Industry Group Stock with Huawei technology empowerment, under which Chongqing Sokon Industry Group Stock fully takes over product definition, brand marketing, channels, and after-sales, relying on equity binding through Yinwang to ensure priority supply of Huawei technology; Huawei, in turn, concentrates its core resources and, through the full-process Smart Selection model, deeply cultivates the four major cooperative brands Zunjie, Xiangjie, Zhijie, and Shangjie, with ecosystem resource allocation significantly increased. After the adjustment of AITO's business model, HarmonyOS Intelligent Mobility held its first new product launch event on September 25, 2026, with the Zhijie RX and the refreshed Zhijie R7 officially launched and the Xiangjie V8 opening pre-sales, covering the mainstream family SUV and high-end MPV markets. New products will continue to land in the second half of 2026, and 2027 will usher in a major product year for the HarmonyOS system, with full-category iteration helping drive high sales growth. CITIC SEC's main views are as follows: After the adjustment of AITO's business model, HarmonyOS Intelligent Mobility held its first new product launch event on September 25, 2026, and the firm comments as follows: Ecosystem changes: AITO transforms into one led by Chongqing Sokon Industry Group Stock, while Huawei focuses on building the other four Jie brands. On September 15, the official WeChat public accounts of AITO, Huawei Qiankun Intelligent Driving, and HarmonyOS Intelligent Mobility issued statements that Chongqing Sokon Industry Group Stock fully takes over product definition, design, brand marketing, channel retail, and after-sales service, and implements exclusive dedicated independent channels; Huawei continues to provide the full set of technical solutions such as the HarmonyOS cockpit and Qiankun Intelligent Driving, and as a 10% shareholder of Yinwang, Chongqing Sokon Industry Group Stock has equity-level guarantees for the priority of technology supply. In addition, Huawei will focus resources on building the other four Jie brands: Zunjie (JAC), Xiangjie (BAIC BluePark New Energy Technology), Zhijie (Chery), and Shangjie (SAIC) still maintain the Smart Selection model led by Huawei throughout the entire process. New product pace: 26H2 new cars are abundant, and 2027 will be a major product year. On September 25, 2026, HarmonyOS Intelligent Mobility held its first new product launch event, releasing three cars at once: the all-new model Zhijie RX was officially launched (starting at 259,800 yuan), the refreshed Zhijie R7 was launched (starting at 239,800 yuan), and the Xiangjie V8, the first MPV under Xiangjie, opened pre-sales (starting at 329,800 yuan). As the first X-series SUV under HarmonyOS Intelligent Mobility, the Zhijie RX is equipped with an L3-level intelligent driving architecture, Huawei Tuling chassis, and an 800V Zhijing platform, and is the core highlight of this launch event; the refreshed Zhijie R7 optimizes the cockpit and perception hardware for the family market; the Xiangjie V8 enters the MPV track, further enriching the category. The firm expects that in 2027 the HarmonyOS system will see the release of multiple sedans, SUVs, MPVs, and off-road SUVs, and it continues to be optimistic about sales growth of the HarmonyOS system. Risk factors: Loosening of the cooperative relationship with Huawei; delayed delivery time of new models; new model sales falling short of expectations; tight chip supply affecting vehicle supply capacity; outbreak of a price war in the terminal market.